CFTC's Claim to Jurisdiction over Cryptocurrency Market
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At the Coinbase annual summit on the 13th, Acting Chair Pham said in an interview with Yahoo Finance, "There will be no easy path for anyone" and "Just because CFTC supports innovation and growth does not mean that laws can be violated."
She added, "I am pleased that we can take regulatory action through enforcement and focus on eliminating fraud in the market."
Acting Chair Pham evaluated the regulations during the Biden administration, saying, "Regulatory agencies have enforced regulations beyond the law, which has been harmful to the market."
Her comments have drawn significant attention as they were made shortly after Brian Quintenz, newly nominated as the new CFTC Chair, claimed the CFTC's jurisdiction over the cryptocurrency market.
Quintenz, in a prepared speech before the hearing on the 10th, acknowledged that the U.S. Congress is currently deliberating on the classification of cryptocurrency regulatory agencies and emphasized that the CFTC under his leadership can provide clarity on the regulation of cryptocurrency futures and spot markets.
Previously, during the Biden administration, the U.S. Securities and Exchange Commission (SEC) and CFTC had conflicts over jurisdiction in the cryptocurrency market.
In particular, the 'Responsible Financial Innovation Act', known as the 'draft' of the U.S. cryptocurrency unified regulation bill, includes multiple provisions empowering the CFTC and effectively designating the CFTC as the dedicated cryptocurrency regulatory agency.
Reporter Seung-won Kwon ksw@blockstreet.co.kr
